In Mogadishu, the Central Bank of Somalia warned Somalis against reckless forex investments.
According to the letter, the public can suffer major losses. The Central Bank has received tons of complaints from forex firms in the country’s capital city.
Furthermore, Central Bank blames some forex firms for inflicting financial theft on Somalis.
Besides, the Central Bank says it has not licensed any online forex company to operate in the country.
The Bank devised a protocol that helps it to track the financial systems within the country. It also safeguards the stability of the financial market.
Through these protocols, the Bank protects citizens’ properties too. In the letter, it has asked Somalis to invest in forex firms only after consulting it.